Reverse charge - availment of tax paid under rcm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 May 2013
Issue:
When we discharge the tax liablity under RCM and pay Tax in cash..
The tax paid under RCM when can be Set off with the regular liability..
Ex:
April Month:
Tax Liability under RCM 100 and tax liability under regular is 1000.
whether we can set off tax paid under RCM with Regular liability. i.e 1000-100=900 payable for April month.
or we have to set off in next i.e.in May month Regular liability ?
When we discharge the tax liablity under RCM and pay Tax in cash..
The tax paid under RCM when can be Set off with the regular liability..
Ex:
April Month:
Tax Liability under RCM 100 and tax liability under regular is 1000.
whether we can set off tax paid under RCM with Regular liability. i.e 1000-100=900 payable for April month.
or we have to set off in next i.e.in May month Regular liability ?
05 May 2013
Hello,
No u cant set-off,however what tax paid under RCM can be availed as credit and can use for out put tax.
No u cant set-off,however what tax paid under RCM can be availed as credit and can use for out put tax.
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 June 2013
ok Dear Prashanth
Pls clarify me, who will bear the Interest Cost on the Delay of Setting off the RCM credit with Regular Liability?
Ex April Month
RCM i paid Rs.1 Crore and Regular I payable 2 crore.
As per your suggestion
You are saying to pay 1+2=3 crore in the April month and availed the credit of 1 crore in May month against Regular Laiability.
Then Who will bear 1 one month interest cost on RCM i paid in April month?
Pls clarify me, who will bear the Interest Cost on the Delay of Setting off the RCM credit with Regular Liability?
Ex April Month
RCM i paid Rs.1 Crore and Regular I payable 2 crore.
As per your suggestion
You are saying to pay 1+2=3 crore in the April month and availed the credit of 1 crore in May month against Regular Laiability.
Then Who will bear 1 one month interest cost on RCM i paid in April month?
20 June 2013
RCM cannot be adjusted and the expert has rightly said. Your tax liability has to be paid by you. You cannot take credit for taxes paid by others under RCM
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Minimum tax payable to file Updated return
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- TDS on Fixed Assets purchased
- TDS on purchase of under construction property from a reseller
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Salary from Qatar in Dollars in India
- GST ISSUE OF INPUT AND OUTPUT GST
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
